In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, we wish to inform you that the meeting ....
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The board of Golden Legand Leasing & Finance Limited, at its meeting on March 27, 2026, approved the allotment of 6,63,51,000 convertible warrants to 23 allottees belonging to the Non-Promoter (Public) category on a preferential basis. Each warrant carries the right to subscribe to one equity share of face value Rs. 10 at an issue price of Rs. 12.96 (including a premium of Rs. 2.96), within 18 months. The company has received Rs. 21.50 crores as 25% upfront consideration from all allottees. Key allottees include Spunwell Technology (1.06 crore warrants, ~13% post-allotment stake), Divya Singh Kushwaha (80 lakh warrants, ~9.85%), Pearl Dealers, Orchard Road Properties, Mocktail Trading, and Aprajita Rathore. If warrants remain unconverted after 18 months, the upfront 25% amount paid will be forfeited.
This preferential allotment will lead to dilution of existing shareholders once warrants are converted into equity shares. The 25% upfront payment strengthens near-term cash flows by Rs. 21.5 crores, but shareholders should note potential equity dilution of up to ~6.63 crore shares over the next 18 months. The stock may see short-term selling pressure due to the dilution overhang.